So I have a question on a bank loan.
My girlfriend took out a loan to buy a motorcycle and I was wondering if I could put the motorcycle under my insurance since I have a motorcycle license and it would be a lot cheaper.
She doesn't have her license yet but is planning to.
Does anyone know if it's possible to put the bike under my insurance? Thanks!

 

I think thats an insurance question not a bank loan question. The bank doesn't care who the bike is insured under, but your insurance sure does if you are the one who insured it but she drives it.

 

So even if she owns the bike and is taking a loan for it I can put the insurance for the bike under my name?

 

was it a personal loan or a bike loan? if personal its doesn't matter if it was a bike loan it does matter

 

Can you explain Shagg? Thanks

 

Yes to what he said.

From my viewpoint working at a credit union...

if the loan is in the name of your girlfriend as a motorcycle loan, that means there's a lien on the motorcycle. As such, she will need to show her bank that the Motorcycle is insured under her name. One of the conditions of vehicle loans (yes, that includes motorcycles) is that the collateral is insured in the name of the loaner (e.g. your girl).

hope that helps.

as he said, if personal loan (meaning just in her name/ guaranteed by her signature and good credit), then there's no requirement about who is insuring it. check your local law policy.

 

^Yup what he said!

Personal loan mean personal bank doesn't need to know what your doing with it they just know you will pay it back based off of good credit history and verified employment